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FINANCIAL INSTRUMENTS | 9 Months Ended
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Sep. 30, 2018
Investments, All Other Investments [Abstract] |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS Cash, Cash Equivalents, and Investments The following tables summarize the Company’s cash and available-for-sale marketable securities’ amortized cost, gross unrealized gains, gross unrealized losses, and fair value by significant investment category reported as cash and cash equivalents, short-term, or long-term investments as of September 30, 2018, and December 31, 2017 (in millions):
|  |  |  |  |  |  |  |  | Reported as:
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Short- term Investments |  | Long- term Investments
September 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |
Cash | $ | 260.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 260.6 |  |  | $ | 260.6 |  |  | $ | — |  |  | $ | — |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 736.2 |  |  | — |  |  | — |  |  | 736.2 |  |  | 736.2 |  |  | — |  |  | — |
U.S. treasuries | 1,259.2 |  |  | — |  |  | (8.3 | ) |  | 1,250.9 |  |  | — |  |  | 806.6 |  |  | 444.3 |
Subtotal | 1,995.4 |  |  | — |  |  | (8.3 | ) |  | 1,987.1 |  |  | 736.2 |  |  | 806.6 |  |  | 444.3 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper | 146.4 |  |  | — |  |  | — |  |  | 146.4 |  |  | 11.5 |  |  | 134.9 |  |  | — |
Corporate debt securities | 1,354.8 |  |  | 0.4 |  |  | (5.2 | ) |  | 1,350.0 |  |  | — |  |  | 692.4 |  |  | 657.6 |
U.S. government agencies | 819.5 |  |  | — |  |  | (6.0 | ) |  | 813.5 |  |  | — |  |  | 493.7 |  |  | 319.8 |
Municipal securities | 12.9 |  |  | — |  |  | — |  |  | 12.9 |  |  | — |  |  | — |  |  | 12.9 |
Subtotal | 2,333.6 |  |  | 0.4 |  |  | (11.2 | ) |  | 2,322.8 |  |  | 11.5 |  |  | 1,321.0 |  |  | 990.3 |
Total assets measured at fair value | $ | 4,589.6 |  |  | $ | 0.4 |  |  | $ | (19.5 | ) |  | $ | 4,570.5 |  |  | $ | 1,008.3 |  |  | $ | 2,127.6 |  |  | $ | 1,434.6 |
|  |  |  |  |  |  |  |  | Reported as:
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Short- term Investments |  | Long- term Investments
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |
Cash | $ | 197.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 197.7 |  |  | $ | 197.7 |  |  | $ | — |  |  | $ | — |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 445.0 |  |  | — |  |  | — |  |  | 445.0 |  |  | 445.0 |  |  | — |  |  | — |
U.S. treasuries | 1,029.1 |  |  | — |  |  | (4.7 | ) |  | 1,024.4 |  |  | 5.5 |  |  | 396.2 |  |  | 622.7 |
Subtotal | 1,474.1 |  |  | — |  |  | (4.7 | ) |  | 1,469.4 |  |  | 450.5 |  |  | 396.2 |  |  | 622.7 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper | 38.4 |  |  | — |  |  | — |  |  | 38.4 |  |  | — |  |  | 38.4 |  |  | — |
Corporate debt securities | 946.6 |  |  | 0.2 |  |  | (4.4 | ) |  | 942.4 |  |  | — |  |  | 403.9 |  |  | 538.5 |
U.S. government agencies | 901.3 |  |  | — |  |  | (4.4 | ) |  | 896.9 |  |  | — |  |  | 311.7 |  |  | 585.2 |
Non-U.S. government securities | 2.5 |  |  | — |  |  | — |  |  | 2.5 |  |  | — |  |  | 2.5 |  |  | — |
Municipal securities | 301.1 |  |  | — |  |  | (1.9 | ) |  | 299.2 |  |  | — |  |  | 159.7 |  |  | 139.5 |
Subtotal | 2,189.9 |  |  | 0.2 |  |  | (10.7 | ) |  | 2,179.4 |  |  | — |  |  | 916.2 |  |  | 1,263.2 |
Total assets measured at fair value | $ | 3,861.7 |  |  | $ | 0.2 |  |  | $ | (15.4 | ) |  | $ | 3,846.5 |  |  | $ | 648.2 |  |  | $ | 1,312.4 |  |  | $ | 1,885.9 |
The following table summarizes the contractual maturities of the Company’s cash equivalents and available-for-sale investments (excluding cash and money market funds), as of September 30, 2018 (in millions):
| Amortized Cost |  | Fair Value
Mature in less than one year | $ | 2,145.5 |  |  | $ | 2,139.2 |
Mature in one to five years | 1,447.3 |  |  | 1,434.5 |
Total | $ | 3,592.8 |  |  | $ | 3,573.7 |
Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations. Realized gains and losses, recognized on the sale of investments, were not material for any of the periods presented. There were no transfers between Level 1 and Level 2 measurements during the nine months ended September 30, 2018, and there were no changes in the valuation techniques used by the Company. Foreign Currency Derivatives The objective of the Company’s hedging program is to mitigate the impact of changes in currency exchange rates on cash flow from foreign currency denominated sales, expenses, intercompany balances, and other monetary assets or liabilities denominated in currencies other than the U.S. dollar (“USD”). The terms of the Company’s derivative contracts are generally twelve months or shorter. The derivative assets and liabilities are measured using Level 2 fair value inputs. Cash Flow Hedges The Company enters into currency forward contracts as cash flow hedges to hedge certain forecasted revenue transactions denominated in currencies other than the USD, primarily the European Euro (“EUR”), the British Pound (“GBP”), the Japanese Yen (“JPY”), and the Korean Won (“KRW”). The Company also enters into currency forward contracts as cash flow hedges to hedge certain forecasted expense transactions denominated in EUR and the Swiss Franc (“CHF”). For these derivatives, the Company reports the after-tax gain or loss from the hedge as a component of accumulated other comprehensive gain (loss) in stockholders’ equity and reclassifies it into earnings in the same period in which the hedged transaction affects earnings. The amounts reclassified to revenue and expenses related to the hedged transactions and the ineffective portions of cash flow hedges were not material for the periods presented. Other Derivatives Not Designated as Hedging Instruments Other derivatives not designated as hedging instruments consist primarily of forward contracts that the Company uses to hedge intercompany balances and other monetary assets or liabilities denominated in currencies other than the USD. The net gains (losses) recognized in interest and other income, net in the Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2018, and 2017, were not material. The notional amounts for derivative instruments provide one measure of the transaction volume. Total gross notional amounts (in USD) for outstanding derivatives and aggregate gross fair value at the end of each period were as follows (in millions):
| Derivatives Designated as Hedging Instruments |  | Derivatives Not Designated as Hedging Instruments
| September 30, 2018 |  | December 31, 2017 |  | September 30, 2018 |  | December 31, 2017
Notional amounts: |  |  |  |  |  |  |
Forward contracts | $ | 161.8 |  |  | $ | 128.5 |  |  | $ | 161.9 |  |  | $ | 168.4 |
Gross fair value recorded in: |  |  |  |  |  |  |
Prepaids and other current assets | $ | 4.8 |  |  | $ | 0.9 |  |  | $ | 3.4 |  |  | $ | 1.2 |
Other accrued liabilities | $ | 0.5 |  |  | $ | 2.9 |  |  | $ | 0.6 |  |  | $ | 4.6 |

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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